FOR one brief spell last season it appeared anything was possible under new manager Neil Lennon.

That wave of euphoria prompted by the Northern Irishman’s arrival ran until Christmas and pushed Wanderers from the depths of the relegation zone to calmer waters in mid-table by the turn of the New Year.

An assault on the play-offs seemed improbable, yet not inconceivable. And the Macron Stadium had started to believe.

They do say it’s the hope that kills you, and we all know how it ended up. Injuries decimated the squad and, in the end, it was perhaps only Lennon’s ingenuity in the loan market that prevented the Whites from dropping deeper into trouble than they did.

But perhaps it is important to remind ourselves that things did not seem so terrible just seven short months ago.

Right now it is easy to be cynical. The club’s financial situation is a cause for concern and should investment not be secured in the near future, things could get worse before they get better.

The lack of cash has definitely impacted upon Lennon’s ability to make his own mark – the one in, one out policy showing just how finely balanced the wage bill really is at present.

Even the most simple deals – Emile Heskey, Stephen Dobbie, Lawrie Wilson – have been drawn out as every penny is accounted for.

We support the club in uncertain times. But on the eve of a new season, with injury list diminished and a blank canvas ahead, who is to say what the next eight months will hold?

Wanderers’ biggest selling point is arguably the manager himself.

There used to be a flag hanging at Celtic, which read: “We Stand Behind Our Leader.” For four trophy-laden years, Lennon did more to galvanise the Glasgow giants than anyone in its recent history.

The Macron was always going to be a less pressurised environment, yet the support has been equally unwavering. Bolton needed a leader and found one.

Yes, Lennon’s hands have been tied financially and his ability to sign players has been severely restricted. But there is no mistaking the impact his arrival has had on the football club as a whole.

From reuniting the academy and the senior set up to establishing a brand of football that has been backed by the fans, ‘brand Lennon’ has also helped stabilise season ticket sales and ensures a decent amount of media attention nationally.

That does not take away from the fact, however, that this could be the most difficult challenge of Lennon’s managerial career so far.

Those big changes in personnel that were promised during last term’s decline have simply not materialised.

Plenty of last season’s under-achievers have left the building, some for financial reasons, others because they just didn’t suit the manager’s style.

The wage bill has been slashed to its lowest level in more than a decade, and yet the signs are it will have to be cut further for the club to operate at anything like a healthy level.

Signings have been scarce, yet Lennon may claim he has sacrificed quantity for quality with those he has brought to the Macron.

After losing Adam Bogdan and releasing Andy Lonergan, goalkeeper was clearly a position Wanderers had to address.

Ben Amos had been mightily impressive on loan from Manchester United last season – keeping both Bogdan and Lonergan out of the side towards the end of his stay – and looks to be a sound investment, wrapped in a four-year contract.

Little was known of Derik Osede in these parts before Lennon’s chase of the Real Madrid youth product became public. With his flamboyant hairstyle and relaxed manner, comparisons have been drawn with the great Ivan Campo. But unlike his fellow Spaniard, Derik is a player with plenty of room to progress and at the age of 22 looks another very good bit of business.

The signing of Gary Madine provoked much debate among Wanderers fans, given his history off the field, but the striker has received unanimous approval since taking to the pitch and looks like being the kind of fearless front man that could fare very well at Wanderers.

Another key decision has been made with the installation of Darren Pratley as captain.

The likeable midfielder was reborn under Lennon last season and was missed arguably more than any other player when he tore his hamstring in the New Year.

Out of contract in the summer, there was a real danger Wanderers could have lost the Londoner to one of their Championship rivals, as QPR and Ipswich Town sniffed around in the hope of picking up a bargain.

Pratley insists his mind was made up – and that leaving Bolton did not cross his mind when Lennon spoke to him about a new deal in May.

Either way, he returns as the standard bearer for Wanderers, his energetic no-nonsense style exemplifying what his manager wants from the whole squad.

Confidence-wise, Pratley looks a completely different player to the one that struggled to hold down a regular place under Owen Coyle and Dougie Freedman earlier in his Wanderers career, more reminiscent of the driving force behind Swansea City’s successful climb to the Premier League.

Whether Lennon’s luck changes on the injury front will be a big factor in whether Wanderers can hack in it the Championship with a relatively small group of first-team players.

Mark Davies and David Wheater are two players with top-flight pedigree, however their time has been too often spent in the treatment room since the club’s relegation.

Lennon has made great play of building a stronger, more robust squad, and you may suggest this is the last chance for Davies and Wheater to prove they can handle the workload.

So much rests on young shoulders this year and in particular home-grown duo Zach Clough and Josh Vela.

Clough has revelled in the limelight given to him since breaking through under Lennon and scoring against Wigan Athletic in the FA Cup on his debut.

Making the extravagant look simple, the Denton youngster has already started to attract admiring glances from elsewhere – yet his down-to-earth style makes him an easy player to handle.

It is a similar case with Josh Vela, who had his nose put out of joint by Lennon’s predecessor Freedman and very nearly quit the club altogether at the start of last season.

The Salford-born midfielder has settled and matured since being handed regular football, however, and is now fulfilling the promise he showed in the youth teams.

Max Clayton has also returned from long-term injury, the former Crewe Alex striker feeling every bit like the proverbial new signing after an encouraging first few months last term.

The question now is can Lennon keep those key players free from injury?

Wanderers have been handed a tough start to the Championship campaign, with title favourites Derby County first up at home.

If the club can avoid their now customary slow start then who is to say how momentum will work?

At this stage of the season, anything is possible.